Ministry of Petroleum will submit an amended petroleum policy before the Council of Common Interest (CCI) with new incentives for exploration companies. Prime Minister Imran Khan presided over a meeting on Monday and directed Ministry of Petroleum to bring a package of incentives for consideration of CCI for exploration companies in oil and gas sector.
He was presiding over a meeting held here to review issues pertaining to petroleum sector. Prime Minister has directed the local companies to expedite their exploration work in the oil and gas sectors. He directed Petroleum Division to extend all possible assistance to foreign companies working in this sector and stressed the need to digitalize all the system and end of unnecessary red-tapism to ensure every project in given timeframe.
To set up new frontier zones and attractive gas prices in the country, the premier was briefed about the plan. It was also decided that oil and gas exploration companies would be provided security. The government will hold road shows abroad to attract foreign direct investment in oil and gas exploration sector.
Prime Minister also reviewed a comprehensive plan submitted by Sui Northern Gas Pipeline Limited (SNGPL) and Sui Southern Gas Company (SSGC) to reduce the Unaccounted for Gas (UFG) and theft cases in the country. The role of Ministry of Petroleum was limited to only monitoring the development and drilling of oil and gas wells.